Today, Pacific Community Ventures (PCV), one of the first impact investing organizations in the US, announced at the Clinton Global Initiative (CGI) their commitment to launch the Good Jobs Innovation Lab, to help improve job quality for the 50% of Americans employed at small businesses across the country.
Small business owners in Black, Indigenous, Latinx, and AAPI communities have historically been excluded from access to fair and affordable capital, and high quality mentorship networks, and the pandemic created even higher financial distress and lower employee retention. These challenges broadened the racial wealth gap and negatively impacted small business owners’ ability to advance their communities economically. Our commitment supports small business owners in under-estimated communities with fair and affordable capital, resources, and business advising, which in return will result in improved job quality that leads to wealth building.
Bulbul Gupta, Pacific Community Ventures’ CEO, states, “Good quality jobs created by small businesses power local communities with essential income, economic growth, as well as innovation and competitiveness. But small business owners need effective resources, affordable capital, and innovative processes to provide them. PCV’s leadership in tackling job quality improvement is unique in the small business space, with integrated blended capital and coaching strategies that are designed to address the racial wealth gap that has existed, and worsened, for too long in the U.S. The research and thought leadership generated by the lab will help further address this gap and get entrepreneurs the resources they need to provide good jobs in underserved communities and ensure their communities can thrive.”
The lab will co-design research and product development with and for the communities PCV serves through programs like the Good Jobs Fellows program. This program will bring together a cohort of good job creators from PCVs lending clients that will help improve the design and delivery of PCVs unique capital + advising approach through the entrepreneur’s experiences implementing job quality improvements. PCV will take these learnings to lead the dialogue with other entrepreneurs, CDFIs, and policymakers on how to deliver job quality-focused products, policies, and services that center the entrepreneur’s experience, particularly entrepreneurs of color, women, immigrants, and refugees.
The Clinton Global Initiative was founded in 2005 and brings together established and emerging global leaders to create and implement solutions to the world’s most pressing challenges. CGI works with partners to develop commitments to action- new, specific, and measurable actions in climate resilience, health equity, and inclusive economic recovery and growth.
PCV is proud to be joined in this commitment by the Lab’s founding supporters and partners: Kaiser Permanente, FOUND/LA, James Irvine Foundation, Surdna Foundation, Robert Wood Johnson Foundation, eBay Foundation, JPMorgan Chase, Bank of America, Wells Fargo Foundation, Battery Powered, New World Foundation Quality Jobs Fund, San Francisco Foundation, Tipping Point Fund on Impact Investing, LISC, Ares Charitable Foundation, Financial Health Network, African American Alliance of CDFI CEOs, Appalachian Community Capital, Aspen Institute Economic Opportunities Program, Small Business Majority, Allen Blue, co-founder, LinkedIn, and others to address the need for quality jobs in small businesses by identifying key capital and mentorship innovations, design dedicated client journeys, and influence evidence-driven policies and impact investing practices.
About PCV –
Pacific Community Ventures works side-by-side with small business entrepreneurs and their communities in the fight for economic, racial, and gender justice. We use a groundbreaking integrated model that combines affordable capital and free business advising with innovative tools, research, and advocacy to break down barriers and allow these entrepreneurs to pursue their dreams while building wealth for their families, workers, and neighborhoods. Pacific Community ventures is a 501c3 nonprofit social enterprise and Community Development Financial Institution (CDFI).